Icaew diploma in ifrss
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| Requirement Determine the consideration transferred figure used in the goodwill calculation for inclusion in the consolidated financial statements for the year ended 31 December 2010. (3 marks) m) On 1 December 2009, Panther, a public company acquired 70% of the ordinary share capital of Sabre, a private company. The functional currency of Panther is the $ and the functional currency of Sabre is the zet. Panther paid $46 million for its investment in Sabre on 1 December 2009, when the net fair value of the identifiable assets acquired and liabilities assumed of Sabre were 26,400 million zets. Given that Sabre is a private company, Panther decided to measure the non-controlling interests at acquisition at the proportionate share of the fair value of the identifiable net assets of Sabre. An impairment test conducted at group level on the investment in Sabre at 31 December 2010 indicated impairment losses of 600 million zets (gross of non-controlling interests. No impairment loss adjustments had been necessary at the previous year end. Relevant exchange rates were 1 December 2009 $1 = 470 zets 31 December 2009 $1 = 478 zets 31 December 2010 $1 = 490 zets Download 149.62 Kb. Share with your friends:
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